RIYADH: The cryptocurrency exchange company Binance has withdrawn its application for a crypto-license in Singapore, Bloomberg has reported.
The company will shut down its trading platform in the country by Feb. 13, ending speculation about the city state becoming the global headquarters for Binance.
The Singapore-based crypto exchange is to refocus its operations toward blockchain technology, Bloomberg reported citing a statement.
Binance Holdings Ltd., founded in 2017 and operating as a cryptocurrency exchange platform, has not set up a global base yet.
It was among 170 firms that passed the approval of the country’s Monetary Unit to provide cryptocurrency services.
RIYADH: Saudi online food delivery platform Jahez International Co.’s initial public offering subscription starts tomorrow, Dec. 23, in what would be considered this year’s biggest IPO on the parallel market Nomu.
The IPO that will run through Dec. 26, 2021 will help the company raise SR1.6 billion ($427 million).
Jahez, as it’s known, is offering the highest price per share among Saudi IPOs year-to-date.
On Dec. 19, Jahez announced its offering price at SR850 ($226) per share – the highest end of its indicative range, according to a bourse filing.
As many as 272,786 shares representing nearly 14.4 percent of the total offering will be offered during the subscription period.
This followed the completion of the book-building process by HSBC Saudi Arabia, with its offering shares 38.8 times oversubscribed.
“The offering was met with strong interest from qualified institutional investors, which is a testament to the company’s financial and operational position, leading market position,” said the company’s chief Ghassab Al Mandeel in a bourse statement on Dec. 19, 2021.
Boeing announced Tuesday that it sealed an order to sell 19 freighter planes to UPS in the latest sign of how surging e-commerce use is boosting the air cargo market.
Based on list prices, the order would be worth $4.2 billion, but companies rarely pay full price for such bulk orders.
The deal comes on the heels of earlier orders for 80 new Boeing widebody freighters and more than 80 conversions to freighters, part of what the US aviation giant called a “record” cargo performance in 2021, according to a news release.
Recent backlogs at ports have boosted demand for air cargo, but experts expect the trend to extend beyond the pandemic given rising e-commerce demand.
Boeing has projected an annual increase of four percent in air cargo demand over the next 20 years.
UPS plans to take delivery of the aircraft between 2023 and 2025, according to the Boeing press release.
Shares of Boeing rocketed 5.9 percent to $199.52, while UPS rose 2.3 percent to $207.10.
Hong Kong-listed FIH Mobile Ltd’s India unit Bharat FIH Ltd. on Wednesday filed for a domestic initial public offering of up to 50.04 billion rupees ($662.97 million), according to its draft prospectus.
FIH Mobile is a unit of Apple Inc. supplier Foxconn.
RIYADH: Marriott International, Inc. signed an agreement with Diriyah Gate Development Authority to open two luxury hotels as part of the Diriyah Project in Saudi Arabia.
Located in Diriyah around the UNESCO World Heritage Site of At-Turaif, the properties will bring modern and distinct views on luxury to the historic town of Diriyah, set to become one of the world’s most forthright cultural and heritage cities, according to a statement.
“We are delighted to be working with the Diriyah Gate Development Authority and look forward to elevating the luxury experience of the Diriyah Project with these two iconic and celebrated brands,” said Jerome Briet, Chief Development Officer, Europe, Middle East & Africa, Marriott International.
RIYADH: Saudi’s main stock index TASI started the trading session at 11,301 points, up 0.36 percent from the prior session.
The parallel market Nomu was down 0.34 percent to 27,063 points.
The session’s biggest gainer in early trading was Saudi Investment Bank, or SAIB, which reached its highest value compared to all closing prices in last two years, standing at SR18.76 ($5).
SAIB’s 6.83-percent share hike followed its 2021 dividend distribution recommendation at SR0.7 per share, 75 percent higher than that of the fiscal year 2020.
With over SR46.58 million worth of shares changing hands in morning trading, AlRajhi Bank rose to SR141.8.
Saudi Industrial Exports Co. was the top decliner, falling 2.35 percent to SR99.8.
Arabian Centres Co., also known as Almrakez, dropped 1 percent to SR23.78, partly shrugging off last session’s gains.
Shares of the recently listed Almunajem Foods fell 0.64 percent to reach SR61.7.